Midas Management Corp maintained its position in shares of Syntel Inc. (NASDAQ:SYNT) during the second quarter, according to its most recent filing with the SEC. The firm owned 13,754 shares of the company’s stock at the end of the second quarter. Midas Management Corp’s holdings in Syntel were worth $623,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. C M Bidwell & Associates Ltd. acquired a new position in shares of Syntel during the first quarter valued at approximately $100,000. Invictus RG acquired a new position in shares of Syntel during the first quarter valued at approximately $142,000. Cypress Wealth Advisors LLC acquired a new position in shares of Syntel during the first quarter valued at approximately $209,000. Acadian Asset Management LLC acquired a new position in shares of Syntel during the second quarter valued at approximately $232,000. Finally, Strs Ohio raised its position in shares of Syntel by 9.1% in the second quarter. Strs Ohio now owns 6,000 shares of the company’s stock valued at $271,000 after buying an additional 500 shares during the last quarter. 34.03% of the stock is owned by institutional investors.
Shares of Syntel Inc. (NASDAQ:SYNT) traded up 0.95% during mid-day trading on Tuesday, reaching $26.51. The company’s stock had a trading volume of 577,287 shares. The company has a 50-day moving average price of $37.72 and a 200 day moving average price of $43.42. Syntel Inc. has a 52-week low of $25.15 and a 52-week high of $50.92. The company has a market cap of $2.23 billion, a PE ratio of 8.47 and a beta of 1.12.
Syntel (NASDAQ:SYNT) last issued its earnings results on Thursday, July 21st. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. The company had revenue of $246 million for the quarter, compared to the consensus estimate of $249.12 million. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned $0.72 EPS. Equities analysts expect that Syntel Inc. will post ($0.67) earnings per share for the current year.
The firm also recently announced a special dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 22nd were paid a dividend of $15.00 per share. The ex-dividend date was Tuesday, October 4th. This is an increase from Syntel’s previous special dividend of $2.25.
Several brokerages have recently commented on SYNT. Maxim Group cut their price objective on Syntel from $45.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday, October 4th. William Blair downgraded Syntel from a “market perform” rating to an “underperform” rating in a research report on Thursday, September 15th. Robert W. Baird boosted their target price on Syntel from $46.00 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 13th. Needham & Company LLC restated a “buy” rating and issued a $48.00 target price on shares of Syntel in a research report on Monday, September 12th. Finally, Zacks Investment Research downgraded Syntel from a “hold” rating to a “sell” rating in a research report on Saturday, July 23rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.00.
In other Syntel news, insider Anil Jain sold 1,250 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $45.60, for a total transaction of $57,000.00. Following the completion of the transaction, the insider now owns 13,940 shares in the company, valued at approximately $635,664. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Avinash Salelkar sold 943 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $45.79, for a total value of $43,179.97. Following the transaction, the vice president now owns 15,021 shares of the company’s stock, valued at approximately $687,811.59. The disclosure for this sale can be found here. Corporate insiders own 61.80% of the company’s stock.
Syntel, Inc (Syntel) is a global provider of digital transformation, information technology and knowledge process outsourcing services. The Company operates through five segments: Banking and Financial Services, which serves financial institutions around the world; Healthcare and Life Sciences, which serve various companies, including healthcare payers, providers, and pharmaceutical and medical device providers; Insurance, which serve the needs of property and casualty insurers, insurance brokers, personal, commercial, life and retirement insurance service providers; Manufacturing, which provides business consulting and technology services for industrial and automotive clients, and Retail, Logistics and Telecom, which serves a range of retailers and distributors, logistics clients and clients in the telecom industry.
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